The upcoming Russian law will make paying with cryptocurrencies illegal, but citizens can continue to buy and mine them. Peterffy said, who believes the Fed interest rate hikes will lead to exploding debt, will buy more Bitcoin if it drops to USD 12,000.
Crypto analyst Nicholas Merten recently predicted a relevant rebound in the price of Bitcoin (BTC) amid the uncertainties in the market.
He believes there might be a relief rally in the market like in the past, besides an extended bearish trend.
From its current price, the expert foresees that Bitcoin may rise to USD 30,000, an increase of 42%.
The Russian President Signs a Law to Ban Digital Assets
Vladimir Putin, the President of Russia, recently signed a law prohibiting crypto assets and monetary.
The new law bans transferring or accepting cryptocurrencies as payment for goods purchased, work done, or services rendered. The legal document establishes exceptions for the prohibition in the use of those financial assets.
The law, coming into force in the next ten days, will make paying with cryptocurrencies illegal. However, Russians can continue to buy and presumably mine Bitcoin and other crypto assets.
The General Counsel of Andorra Approves the Digital Assets Law
Andorra, a small country between France and Spain, recently adopted a legislative framework for cryptocurrencies and blockchain technology. The General Counsel of the European nation approved the so-called Digital Assets Law.
The first part of the management concerns the creation of digital money people may exchange in a closed system. The second half of the law deals with using crypto assets as financial instruments.
Banks Want to Include Bitcoin-Related Technology in the Short Term
The US Federal Reserve (Fed) surveyed several national and international banks interested in including Bitcoin-related technology in the short and medium term.
Forty percent (80) of the banks expressed a medium to high priority to grow in developing products related to Bitcoin technology.
Thomas Peterffy Will Buy Bitcoin When It Drops to USD 12,000
Thomas Peterffy, a brokerage pioneer, firmly believes that inflation will last for years rather than months.
He recently explained the Fed increases the amount the country must pay to service its debt as it raises interest rates. He considers this a vicious cycle that will eventually lead to exploding debt.
Peterffy, who still has some Bitcoin, said he would buy more if its price reaches USD 12,000 per unit.
He also predicted that Bitcoin would very likely become worthless or illegal.
The Fed Might Raise Interest Rates by 100 Basis Points
In late July, officials at the US Federal Reserve might discuss a historic one percentage point rate hike.
Investors believe the central bank might raise rates by 100 basis points at its meeting on July 26th and 27th.
Michael Feroli, an economist at JPMorgan Chase & Co, thinks they have time to change that expectation. He considers they have not given a good reason to go slowly or gradually.
By Alexander Salazar
